Business Owners and Companies Commonly Get Into Tax Problems - Solutions

How to Quickly Find Yourself With a Big Tax Problem

Your business was on a roll!  Five years of great sales and profits.  You had money in the bank, suppliers paid with discounts, and your personal paycheck was making your spouse very happy.  It doesn’t get better than this.

Then it hit:

·      Economic slowdown. Lower sales. Collections drop. Inventory piles up.

• Unexpected legal expense
• Major employee leaves
• Major product line problem
• New competitor slices into sales
• Large customer drops you
• Natural disaster

Maybe it is one of the above. Sometimes it takes more than one to create the cash flow crisis. The cause is only slightly relevant.  The reality is that you don’t have the cash needed to make your IRS payments.  The issue might only be your income taxes.  But your situation could be compounded by missed payroll tax deposits, and even state income, payroll, and sales taxes.

If the economic interruption is protracted, losses may begin to exacerbate the issue. While these losses may reduce future tax obligations and even be used to reduce prior year obligations, they do nothing to help with payroll tax obligations, either corporate or personal.

Don’t expect a sympathetic ear at the IRS.  If anything they will be worried about not getting their share if you go bust.  Liens and levies can further complicate your efforts to get your business back in shape.

You need a tax professional like the Enrolled Agents at Demetriou, Montano, and Associates to help guide you through the process.  We know what to say to the Revenue Officers, and more importantly, what not to say.  After 25 years helping businesses like yours in situations just like the one above, we have the tools and skills to keep the tax man happy while you rebuild.  Call right now at 888-987-1040 and sleep better tonight.

Business Tax Problems Create Unnecessary Stress

 

There are ways to solve your business IRS tax issues

Your business has been on life support ever since the great recession started. You are actually kind of proud of the fact that you’ve kept the doors open through it all.  As you look up and down main street, you see For Lease signs on a lot of shops that didn’t have what it took to slog through these tough times. 

On the other hand there are some issues hanging over your head that are coming to the surface, fast and furious. The bounced checks are eating through a few hundred dollars in fees per month.  The  late rent charges don’t help. But more than any other single thing, there is the IRS. 

It started three years ago when you had to make a decision.  Pay the employees, pay the rent, or pay the payroll taxes. You chose the rent and employees. Your calculation was that if you don’t pay the employees and the rent, the business folds, and you won’t be paying any payroll taxes. Surely Uncle Sam would understand that.

Besides, the economy seemed to be improving. You’d pay the payroll tax next month.

Unfortunately, you didn’t have the money 30 days later, and there were other times when you chose paying your phone bill, your suppliers, or your own mortgage over paying those pesky payroll taxes. 

You got the first letter 90 days ago. The IRS would like to speak with you. You have nothing to say, no excuse, and no money to placate them, so you ignored the letter.  You’ve had phone calls.  You ignored those, too. Now the IRS collectors are getting serious.  Two days ago they hit your company checking account and wiped it out.  Today you got the levy notice.  You have no idea when or where they will seize assets next. Could be your personal checking. 

Like any such issue in business, the sooner you seek help the better things usually turn out. In this case, the situation is getting out of control. You know that you should call the IRS agent, but you have nothing to offer, and don’t know what to say!!

That’s where an Enrolled Agent comes in. We can help you get some breathing room. We will get on the phone with the IRS collector, and get him to stop all collection activity against you while we work something out that will be best for the IRS and for you. 

This is a very serious matter. Payroll taxes and penalties don’t go away when you close a business. You are personally responsible for those, even if the company is adjudged bankrupt. 

Don’t delay.  Call the experienced team of ex IRS agents at Demetriou, Montano, and Associates at 888-987-1040

Demetriou, Montano & Associates - Tax Resolution Specialists
12301 Wilshire Blvd. Suite 318
West Los Angeles, CA 90025
888-987-1040
http://taxrepair.com